Gold back ranging

Gold prices undergoing bearish correction and currently inside the green box area as shown on the chart. If the price could bounce upward with strong momentum, then it will resume the bullish trend. On the other hand, breakout and close below the area will confirm deeper correction to target the $3,000 level. Traders who enter long positions will place stop order below the latest swing low.

Today’s critical levels to watch:

Support: $3,250, $3,200, $3,150

Resistance: $3,350, $3,400, $3,500

Silver more consolidation

Silver prices are ranging between the $31.50 – $33.00 area for now. Traders will observe the price movement for now and wait for breakout to happen. We think the price will stabilize and bounce upward in the long-term. Under current situation, traders will use the bottom of area as a place to add more long positions.

Today’s Critical levels to watch:

Support: $32.50, $31.50, $30.00, $29.00

Resistance: $33.00, $35.25

Crude oil no confirmation yet

Crude oil price is trading inside the Fibonacci Retracement levels and no major reactions yet. The price might continue to stay inside the area and below the $65.00 level for now. On the upside, a breakout and close above $65.00 will confirm the bullish continuation. Meanwhile, strong bearish rejection will bring the price down to target the latest swing low.

Today’s critical level to watch:

Support: $60.00, $52.4

Resistance: $65.00, $67.20, $70.00, $77.13